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Tax liability arising on cash received on birth occasion

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47 Points Joined August 2019
cash received on birth occasion is it taxable or exempt?
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On 21 May 2021 at 18:02 Report
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Chartered Accountants
2015 Points Joined August 2010

If the total amount of gift on birthday occasion is more than 50,000 in a year than it is taxable.

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On 21 May 2021 at 18:15
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Learner
2398 Points Joined May 2019
If total cash gift is less than 50k then it will be exempt. if it exceeds 50k then whole will be taxed as per your slabs.
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On 21 May 2021 at 18:39
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Chartered Accountant
24588 Points Joined November 2019
If it is less than 50000 rupees then not taxable
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On 21 May 2021 at 19:21
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tax consultant
3306 Points Joined October 2018
As rightly said the limit is 50k.
i assume that monies were gifted to the child. nevertheless it would be clubbed with the income of either of the parents
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On 21 May 2021 at 19:34

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